If there is a combination of strategies in which each player's action is the best response to the actions of other players, then there is
A) a Boyes equilibrium.
B) an unstable equilibrium.
C) a complementary equilibrium.
D) a Nash equilibrium.
D
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When computing a price index, the base year is
A) the earliest year for which data are available. B) the year that is chosen as the point of reference for comparison of prices with other years. C) the most recent year for which data are available. D) the most recent year in which the inflation rate was close to zero.
Airlines that restrict members' ability to use frequent flyer miles during holiday periods likely do so because: a. the opportunity cost to airlines of filling seats with frequent flyers is lower at these times
b. the opportunity cost to airlines of filling seats with frequent flyers is higher at these times. c. passengers have more transportation alternatives available to them at these times. d. airlines want to protect their most loyal customers from the discomfort of overcrowded airplanes.
In order to promote growth in living standards, policymakers must
a. protect property rights. b. maintain political stability. c. encourage the accumulation of factors of production. d. All of the above
Table 1.3 shows the hypothetical trade-off between different combinations of brushes and combs that might be produced in a year with the limited capacity for Country X, ceteris paribus.Table 1.3Production Possibilities for Brushes and CombsCombinationNumber of combsOpportunity Cost(Foregone brushes)Number of brushesOpportunity Cost (Foregone combs)J4 0NAK3 10 L2 17 M1 21 N0NA23 On the basis of Table 1.3, in the production range of 21 to 23 brushes the opportunity cost of producing one more comb in terms of brushes is
A. 4. B. 1/21. C. 1/2. D. 21/23.